Accounts Payable Automation Software: Staying Ahead Of Audit Risk
Audit And Accounts Department
The traditional handbook approach to data processing in an organizations accounts payable department may no longer meet the demands of modern-day internal audits. An automated accounts payable process can help reduce the risks associated with manual data entry errors, fraud, process inefficiencies, and paperwork delays.
In the quickly-evolving landscape of audit regulation and compliance, implementing an accounts payable automation Softwaresolution can be the competitive distinction capable of making positive contribution to an organizations financial performance. Adopting high-functioning, automated solution can help strengthen internal controls, provide better data accuracy, and reduce audit and accounts department risk.
The introduction of accounts payable automation software provides organizations with increased capacity to handle large volumes of data and accounts accurately, which has been shown to reduce human-error related costs significantly. As Strategy& Survey study conducted in 2010 revealed, up to 80% of finance departments costs are spent on data entry and related activity. The right automation solution should provide organizations with the ability to improve their financial performance by reducing their accounting and audit risk by up to 90%.
With accounts payable automation software, companies have the potential to automate vast majority of their accounts payable activities, including invoice processing, accounts payable invoice matching, vendor payments, vendor statements, and audit trails. Automation can enable companies to more easily meet their compliance regulations, while providing reporting tools to enable better insight into audit trends.
Finance executives should understand that automated processes can enable their workforce to focus on more strategic initiatives, rather than on the labor-intensive data entry operations associated with manually managing accounts payable. This can provide an advantage in improving overall process efficiency, accuracy, and response time.
Many accounts payable automation Softwaresolutions provide variety of user-friendly features, such as the ability to customize and easily reconfigure existing processes according to changing audit regulations or requirements. This can help ensure that compliance regulations are upheld, thereby increasing the accuracy of audit processes, reducing risk for organizations.
Finally, accounts payable automation software offers organizations the flexibility to customize internal audit processes according to the needs of their business, while also providing organizations with the ability to analyze, evaluate, and track audit trails. Organizations are then able to remain agile and adjust their processes in the event of any audit revisions or changes.
For organizations seeking to stay ahead of audit risk, accounts payable automation software is practical solution. Its benefits are many: maximize cost and efficiency, reduce human error, maintain audit compliance, and deliver greater visibility into audit trails and processes. By taking the appropriate steps to implement an accounts payable automation software, organizations can effectively manage and reduce risk while staying ahead in the rapidly changing landscape of audit regulation and compliance.
